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Emerald Tyre Manufacturers Ltd IPO
Status: Closed
Overview
IPO date
05 Dec 2024 to 09 Dec 2024
Face value
₹ 10 per share
Price
₹ 90 to ₹95 per share
Issue Size
5185200 shares
(aggregating up to ₹ 49.26 Cr)
(aggregating up to ₹ 49.26 Cr)
Allotment Date
10 Dec 2024
Listing at
NSE
Issue type
Book Building - SME
Sector
Tyres
Objectives of Emerald Tyre Manufacturers Ltd IPO
Initial public offering 51,85,200 equity shares of Rs. 10/- each ("Equity Shares") of Emerald Tyre Manufacturers Limited ("Emerald" or the "Company") for cash at a price of Rs. 95/- per equity share (the "Offer Price"), aggregating to Rs. 49.26 crores ("The Offer"), comprising a fresh offer of 49,86,000 equity shares aggregating to Rs. 47.37 crores by the company ("Fresh Offer") and an offer for sale of 1,20,000 equity shares by Karthikeyan Swarnam and 79,200 equity shares by S Vijayalakshmi ("The Selling Shareholder") aggregating to Rs. 1.89 crores ("Offer for Sale"). Out of the offer, 3,00,000 equity shares aggregating to Rs. 2.85 crores was reserved for subscription by market maker ("Market Maker Reservation Portion"). The offer less the market maker reservation portion i.e. offer of 48,85,200 equity shares of face value of Rs. 10.00/- each at an offer price of Rs. 95 /- per equity share aggregating to Rs. 46.41 crores is hereinafter referred to as the "Net Offer". The offer and the net offer will constitute 26.62% and 25.08%, respectively of the post offer paid up equity share capital of the company.
Objectives of Emerald Tyre Manufacturers Ltd IPO
Initial public offering 51,85,200 equity shares of Rs. 10/- each ("Equity Shares") of Emerald Tyre Manufacturers Limited ("Emerald" or the "Company") for cash at a price of Rs. 95/- per equity share (the "Offer Price"), aggregating to Rs. 49.26 crores ("The Offer"), comprising a fresh offer of 49,86,000 equity shares aggregating to Rs. 47.37 crores by the company ("Fresh Offer") and an offer for sale of 1,20,000 equity shares by Karthikeyan Swarnam and 79,200 equity shares by S Vijayalakshmi ("The Selling Shareholder") aggregating to Rs. 1.89 crores ("Offer for Sale"). Out of the offer, 3,00,000 equity shares aggregating to Rs. 2.85 crores was reserved for subscription by market maker ("Market Maker Reservation Portion"). The offer less the market maker reservation portion i.e. offer of 48,85,200 equity shares of face value of Rs. 10.00/- each at an offer price of Rs. 95 /- per equity share aggregating to Rs. 46.41 crores is hereinafter referred to as the "Net Offer". The offer and the net offer will constitute 26.62% and 25.08%, respectively of the post offer paid up equity share capital of the company.
Emerald Tyre Manufacturers Ltd IPO Strategy
- Through Channel Partners.
- Subsidiaries in strategic location.
- After Sales Service.
About Emerald Tyre Manufacturers Ltd
Emerald Tyre Manufacturers Ltd was originally incorporated as 'Emrald Resilient Tyre Manufactures Private Limited' a private limited company with the Registrar of Companies, Tamil Nadu pursuant to Certificate of Incorporation dated March 27, 2002. Thereafter, the name of Company was changed from 'Emrald Resilient Tyre Manufactures Private Limited' to 'Emerald Resilient Tyre Manufacturers Private Limited'. Subsequently, company converted into Public Limited Company and name was changed from 'Emerald Resilient Tyre Manufacturers Private Limited' to 'Emerald Resilient Tyre Manufacturers Limited' and a fresh certificate of incorporation was issued by the Registrar of Companies, Tamil Nadu dated December 22, 2023. Thereafter, the name of Company was changed from 'Emerald Resilient Tyre Manufacturers Limited' to 'Emerald Tyre Manufacturers Limited' and a fresh certificate of incorporation was issued by the Registrar of Companies, Tamil Nadu dated January 17, 2024.
The Company was promoted and pioneered by Mr. Chandhrasekharan V. Thirupathi. Through strong market position in off highway tyre manufacturing industry, the manufacturing unit is made operational in Tiruvallur District of Tamil Nadu, with installed production capacity of 7040 MT of tyres, tubes and wheels.
The Company is engaged in the Business of Manufacturing, Supplying and Services for a comprehensive range of tyres for material handling applications like forklifts, skid loaders, ground support equipment of Airports, Port trailers, agri implements, lawn and garden mowers, mining equipment, aerial work platform trucks, backhoe loaders etc. It market the product under 'GRECKSTER' brand.
The Company is proposing the Initial Public Offering aggregating to 52,00,000 equity shares, comprising 50,00,000 equity shares through fresh offer and 2,00,000 equity shares through Offer for Sale.
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T&C*
Strengths vs Risks of Emerald Tyre Manufacturers Ltd
Know the pros & cons
Strengths
Experienced and dedicated management team.- Manufacturing Facility to handle wide range of Off Highway Tyres.
- Wide product range and customized product offering .
- Diverse Customer Base.
- Qualitative Products.
Risks
- The company's ability to secure raw materials at favorable prices is subject to market fluctuations. Any increase in raw material costs could significantly impact its sales, profitability, and overall performance.
- Its business is dependent on a few of the company clients who contribute to significant of its revenues from operations. Any loss of business from them may adversely affect its revenues and profitability.
- Its operational efficiency is closely linked to the consistent supply of raw materials, sourced from a selected group of suppliers. Any potential interruption in the flow of raw materials from these suppliers could pose challenges to its operations.
- Significant portions of its revenue hinges upon a selected group of clienteles, and the potential loss of any of these key customers may substantially impact its business operations and profitability.
- There have been certain lapses and discrepancies and/or typographical errors in Statutory filings. the company cannot assure you that no regulatory action will be initiated against it and that no penalties will be imposed on the company on account of these lapses.
- Its may not be able to continue investing to increase existing capacities in order to meet the market requirements, capitalize on the new opportunities available or to drive future growth.
- Inadequate inventory management may pose risks to its business performance, affecting the company sales, profitability, and financial health.
- Competition may result in the reduction of its market share or margins, either of which could adversely affect its business or results of operations.
- The fund requirement and deployment are based on internal management estimates and have not been appraised by any bank or financial institution. These are based on current conditions and are subject to change in light of changes in external circumstances or costs, other financial conditions, business or strategy.
- Company may be not be able to procure Equipment at costs as specified in "Objects to Offer" Chapter.
- Inherent risk for expanding its business internationally which may potentially impact its financial standing and operational performance.
- In past, there has been instances of delayed filing of Statutory Returns.
- The seamless functioning of its manufacturing facilities stands as a cornerstone of its operations, playing a pivotal role in sustaining the company's business. Any interruptions in their operation could potentially pose significant challenges to its business continuity, financial health, and operational performance.
- The company has incurred indebtedness, and an inability to comply with repayment and other covenants in its financing agreements could adversely affect the company's business and financial condition.
- Its inability to collect receivables and defaults in payment from its customers could result in the reduction of the company's profits and affect its cash flows.
- The Company has experienced negative cash flow in the past and may continue to do so in the future, which could have a material adverse effect on its business, prospects, financial condition, cash flows and results of operations.
- Its main operations may be adversely affected in case of industrial accidents at its manufacturing unit and also Rubber is a combustible commodity which may lead to any fire mishaps or accidents could lead to property damages, property loss and accident claims.
- The Company has availed certain unsecured loans which may be recalled at any time.
- Its dependence on the company's Subsidiaries exposes it to significant operational and financial risks.
- The company operates within a regulatory framework governed by stringent labour laws which could potentially impact its operations.
- The Company's name & logo and Brand names are not registered trademark.
- There are outstanding legal proceedings involving the Company, Promoter and one of its KMP. Any unfavourable development in these proceedings or in other proceedings in which the company become involved could have a material adverse effect on its business, financial condition and results of operations and the price of its Equity Shares.
- Potential risks inherent in its operations demand careful consideration. Accidents within the company facilities or during its operational activities pose significant liabilities, potentially impacting our revenues and expenses.
- If the company encounter challenges in executing its production schedules efficiently, it could significantly impact its business and financial performance.
- Volatility in energy and fuel expenses poses a potential risk to its business, financial performance, and cash flow.
- The continued success of its business heavily relies on the expertise and dedication of the company management team and operational workforce. Any challenges in retaining them could potentially impact its operations negatively.
- Late Submission or Non-compliance with environmental, labour, and occupational health and safety laws, as well as other regulations applicable to its operations, could pose significant risks to the company's business.
- The company's success is significantly influenced by the strength of its brands and the perception they hold in the market. Any decline in their reputation or market perception, coupled with ineffective sales and marketing strategies, could potentially impact its sales, profitability, and hinder the execution of its growth plans.
- The company faces the risk of incurring significant liabilities due to uninsured losses, which could have adverse effects on its financial health.
- Foreign exchange fluctuations could result in financial losses that could adversely affect its results of operations and cash flows.
- The requirements of being a listed company may strain its resources.
- The company has certain contingent liabilities which, if materialized, may adversely affect its financial condition.
- The company has engaged in transactions with related parties in the past and may continue to do so in the future.
- The company has paid dividends in the fiscal years 2024, and 2022 on Equity and preference shares respectively. However, it's crucial to note that its ability to continue paying dividends in the future may hinge on several factors, including its forthcoming earnings, financial health, cash flows, working capital needs, capital investments, and the terms of its financing agreements.
- The company does not own all the premises from which its operate, and continuous and uninterrupted use and possession of such premises are subject to certain conditions.
- Its consolidated net revenue will be adversely affected if the Government reduces or withdraws tax benefits and other incentives it currently provides to it or otherwise increases the company's effective tax rate.
- If the company inadvertently infringe upon the intellectual property rights of others, its business and results of operations may be adversely affected.
- Rapid advancements in technology pose a significant risk to its current operations and financial stability.
- Its Promoter and certain Directors hold Equity Shares in the Company, thereby aligning their interests with the company's performance alongside their regular compensation and expense reimbursements.
- The company export its products to various countries, on account of which the company may be subject to significant import duties or restrictions in the jurisdictions its export to. Further, unavailability of fiscal benefits enjoyed by the company or its inability to comply with related requirements may have an adverse effect on its business and results of operations.
- Employee misconduct, errors, or fraudulent activities pose significant risks to its business operations, financial stability, and reputation. Such instances could lead to regulatory penalties, damage its standing in the market, and undermine investor confidence.
- Its lenders have charge over its fixed assets in respect of finance availed by the company.
- Its business primarily operates on a purchase order basis without long-term contractual commitments with its customers.
- The occurrence of COVID-19 or any other severe communicable disease poses a potential threat to its business, financial health, and operational outcomes.
- Its Promoter and members of the Promoter Group will continue jointly to retain majority control over the Company even after the Offer which will allow them to determine the outcome of matters submitted to shareholders for approval.
- There have been certain lapses and non-compliances under Factories Act, 1948. We cannot assure you that no regulatory action will be initiated against it and that no penalties will be imposed on the company on account of these lapses.
- Potential conflicts of interest may arise if its Promoter or Directors engage in business activities that compete with or align closely with its own operations.
- The Company does not have a designated monitoring agency to oversee the utilization of the Offer proceeds.
- The trading price of its Equity Shares may experience fluctuations and the development of an active trading market cannot be guaranteed.
- The company strive to ensure that its equity shares shall be listed on the SME platform of the National Stock Exchange (NSE) in a timely manner, however, the company cannot assure the listing of the proposed shares. This may impact investors ability to sell or dispose of their equity shares.
- The Offer price of its Equity Shares may not necessarily reflect their market value post-Offer, and there is a possibility that the market price could fall below the Offer price, potentially affecting your ability to sell shares at or above the Offer Price.
- Sale of Equity Shares by its Promoter or other significant shareholder(s) may adversely affect the trading price of the Equity Shares.
- Following the issuance of its Equity Shares, it is important to acknowledge the potential for significant volatility in their price, and the possibility that an active trading market may not immediately materialize.
Emerald Tyre Manufacturers Ltd Peer Comparison
Understand the company’s industry standing
Emerald Tyre Manufacturers Ltd
Balkrishna Industries Ltd
TVS Srichakra Ltd
Face Value
10
10
10
Standalone / Consolidated
Standalone
Consolidated
Consolidated
Total Income Rs. Cr.
171.97
9818.09
2932.63
EPS-Basis
8.64
76.12
140.98
EPS-Diluted
8.64
76.12
140.98
NAV Per Share
37.25
457.99
1452.43
P/E-Basic EPS
---
36.31
25.33
P/E-Diluted EPS
---
---
---
RONW(%)
22.5
16.62
9.69
Latest NAV Period
---
---
---
Latest NAV
---
---
---
How to check the allotment status of Emerald Tyre Manufacturers Ltd IPO?
Follow the steps
Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).
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The IPO opens on 05 Dec 2024 & closes on 09 Dec 2024.
Emerald Tyre Manufacturers Ltd was originally incorporated as 'Emrald Resilient Tyre Manufactures Private Limited' a private limited company with the Registrar of Companies, Tamil Nadu pursuant to Certificate of Incorporation dated March 27, 2002. Thereafter, the name of Company was changed from 'Emrald Resilient Tyre Manufactures Private Limited' to 'Emerald Resilient Tyre Manufacturers Private Limited'. Subsequently, company converted into Public Limited Company and name was changed from 'Emerald Resilient Tyre Manufacturers Private Limited' to 'Emerald Resilient Tyre Manufacturers Limited' and a fresh certificate of incorporation was issued by the Registrar of Companies, Tamil Nadu dated December 22, 2023. Thereafter, the name of Company was changed from 'Emerald Resilient Tyre Manufacturers Limited' to 'Emerald Tyre Manufacturers Limited' and a fresh certificate of incorporation was issued by the Registrar of Companies, Tamil Nadu dated January 17, 2024.
The Company was promoted and pioneered by Mr. Chandhrasekharan V. Thirupathi. Through strong market position in off highway tyre manufacturing industry, the manufacturing unit is made operational in Tiruvallur District of Tamil Nadu, with installed production capacity of 7040 MT of tyres, tubes and wheels.
The Company is engaged in the Business of Manufacturing, Supplying and Services for a comprehensive range of tyres for material handling applications like forklifts, skid loaders, ground support equipment of Airports, Port trailers, agri implements, lawn and garden mowers, mining equipment, aerial work platform trucks, backhoe loaders etc. It market the product under 'GRECKSTER' brand.
The Company is proposing the Initial Public Offering aggregating to 52,00,000 equity shares, comprising 50,00,000 equity shares through fresh offer and 2,00,000 equity shares through Offer for Sale.
Emerald Tyre Manufacturers Ltd IPO will close on 09 Dec 2024.
- Experienced and dedicated management team.
- Manufacturing Facility to handle wide range of Off Highway Tyres.
- Wide product range and customized product offering .
- Diverse Customer Base.
- Qualitative Products.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Chandrasekharan Thirupathi Ven | 6871948 | 47.42 | 6871948 | 35.28 |
| 2 | V Thirupathi | 1701000 | 11.74 | 1701000 | 8.74 |
| 3 | T Kannaki | 680000 | 4.69 | 680000 | 3.49 |
| 4 | V T Srinivas | 545880 | 3.77 | 545880 | 2.8 |
- The company's ability to secure raw materials at favorable prices is subject to market fluctuations. Any increase in raw material costs could significantly impact its sales, profitability, and overall performance.
- Its business is dependent on a few of the company clients who contribute to significant of its revenues from operations. Any loss of business from them may adversely affect its revenues and profitability.
- Its operational efficiency is closely linked to the consistent supply of raw materials, sourced from a selected group of suppliers. Any potential interruption in the flow of raw materials from these suppliers could pose challenges to its operations.
- Significant portions of its revenue hinges upon a selected group of clienteles, and the potential loss of any of these key customers may substantially impact its business operations and profitability.
- There have been certain lapses and discrepancies and/or typographical errors in Statutory filings. the company cannot assure you that no regulatory action will be initiated against it and that no penalties will be imposed on the company on account of these lapses.
- Its may not be able to continue investing to increase existing capacities in order to meet the market requirements, capitalize on the new opportunities available or to drive future growth.
- Inadequate inventory management may pose risks to its business performance, affecting the company sales, profitability, and financial health.
- Competition may result in the reduction of its market share or margins, either of which could adversely affect its business or results of operations.
- The fund requirement and deployment are based on internal management estimates and have not been appraised by any bank or financial institution. These are based on current conditions and are subject to change in light of changes in external circumstances or costs, other financial conditions, business or strategy.
- Company may be not be able to procure Equipment at costs as specified in "Objects to Offer" Chapter.
- Inherent risk for expanding its business internationally which may potentially impact its financial standing and operational performance.
- In past, there has been instances of delayed filing of Statutory Returns.
- The seamless functioning of its manufacturing facilities stands as a cornerstone of its operations, playing a pivotal role in sustaining the company's business. Any interruptions in their operation could potentially pose significant challenges to its business continuity, financial health, and operational performance.
- The company has incurred indebtedness, and an inability to comply with repayment and other covenants in its financing agreements could adversely affect the company's business and financial condition.
- Its inability to collect receivables and defaults in payment from its customers could result in the reduction of the company's profits and affect its cash flows.
- The Company has experienced negative cash flow in the past and may continue to do so in the future, which could have a material adverse effect on its business, prospects, financial condition, cash flows and results of operations.
- Its main operations may be adversely affected in case of industrial accidents at its manufacturing unit and also Rubber is a combustible commodity which may lead to any fire mishaps or accidents could lead to property damages, property loss and accident claims.
- The Company has availed certain unsecured loans which may be recalled at any time.
- Its dependence on the company's Subsidiaries exposes it to significant operational and financial risks.
- The company operates within a regulatory framework governed by stringent labour laws which could potentially impact its operations.
- The Company's name & logo and Brand names are not registered trademark.
- There are outstanding legal proceedings involving the Company, Promoter and one of its KMP. Any unfavourable development in these proceedings or in other proceedings in which the company become involved could have a material adverse effect on its business, financial condition and results of operations and the price of its Equity Shares.
- Potential risks inherent in its operations demand careful consideration. Accidents within the company facilities or during its operational activities pose significant liabilities, potentially impacting our revenues and expenses.
- If the company encounter challenges in executing its production schedules efficiently, it could significantly impact its business and financial performance.
- Volatility in energy and fuel expenses poses a potential risk to its business, financial performance, and cash flow.
- The continued success of its business heavily relies on the expertise and dedication of the company management team and operational workforce. Any challenges in retaining them could potentially impact its operations negatively.
- Late Submission or Non-compliance with environmental, labour, and occupational health and safety laws, as well as other regulations applicable to its operations, could pose significant risks to the company's business.
- The company's success is significantly influenced by the strength of its brands and the perception they hold in the market. Any decline in their reputation or market perception, coupled with ineffective sales and marketing strategies, could potentially impact its sales, profitability, and hinder the execution of its growth plans.
- The company faces the risk of incurring significant liabilities due to uninsured losses, which could have adverse effects on its financial health.
- Foreign exchange fluctuations could result in financial losses that could adversely affect its results of operations and cash flows.
- The requirements of being a listed company may strain its resources.
- The company has certain contingent liabilities which, if materialized, may adversely affect its financial condition.
- The company has engaged in transactions with related parties in the past and may continue to do so in the future.
- The company has paid dividends in the fiscal years 2024, and 2022 on Equity and preference shares respectively. However, it's crucial to note that its ability to continue paying dividends in the future may hinge on several factors, including its forthcoming earnings, financial health, cash flows, working capital needs, capital investments, and the terms of its financing agreements.
- The company does not own all the premises from which its operate, and continuous and uninterrupted use and possession of such premises are subject to certain conditions.
- Its consolidated net revenue will be adversely affected if the Government reduces or withdraws tax benefits and other incentives it currently provides to it or otherwise increases the company's effective tax rate.
- If the company inadvertently infringe upon the intellectual property rights of others, its business and results of operations may be adversely affected.
- Rapid advancements in technology pose a significant risk to its current operations and financial stability.
- Its Promoter and certain Directors hold Equity Shares in the Company, thereby aligning their interests with the company's performance alongside their regular compensation and expense reimbursements.
- The company export its products to various countries, on account of which the company may be subject to significant import duties or restrictions in the jurisdictions its export to. Further, unavailability of fiscal benefits enjoyed by the company or its inability to comply with related requirements may have an adverse effect on its business and results of operations.
- Employee misconduct, errors, or fraudulent activities pose significant risks to its business operations, financial stability, and reputation. Such instances could lead to regulatory penalties, damage its standing in the market, and undermine investor confidence.
- Its lenders have charge over its fixed assets in respect of finance availed by the company.
- Its business primarily operates on a purchase order basis without long-term contractual commitments with its customers.
- The occurrence of COVID-19 or any other severe communicable disease poses a potential threat to its business, financial health, and operational outcomes.
- Its Promoter and members of the Promoter Group will continue jointly to retain majority control over the Company even after the Offer which will allow them to determine the outcome of matters submitted to shareholders for approval.
- There have been certain lapses and non-compliances under Factories Act, 1948. We cannot assure you that no regulatory action will be initiated against it and that no penalties will be imposed on the company on account of these lapses.
- Potential conflicts of interest may arise if its Promoter or Directors engage in business activities that compete with or align closely with its own operations.
- The Company does not have a designated monitoring agency to oversee the utilization of the Offer proceeds.
- The trading price of its Equity Shares may experience fluctuations and the development of an active trading market cannot be guaranteed.
- The company strive to ensure that its equity shares shall be listed on the SME platform of the National Stock Exchange (NSE) in a timely manner, however, the company cannot assure the listing of the proposed shares. This may impact investors ability to sell or dispose of their equity shares.
- The Offer price of its Equity Shares may not necessarily reflect their market value post-Offer, and there is a possibility that the market price could fall below the Offer price, potentially affecting your ability to sell shares at or above the Offer Price.
- Sale of Equity Shares by its Promoter or other significant shareholder(s) may adversely affect the trading price of the Equity Shares.
- Following the issuance of its Equity Shares, it is important to acknowledge the potential for significant volatility in their price, and the possibility that an active trading market may not immediately materialize.
The Issue type of Emerald Tyre Manufacturers Ltd is Book Building - SME.
The minimum application for shares of Emerald Tyre Manufacturers Ltd is 1200.
The total shares issue of Emerald Tyre Manufacturers Ltd is 5185200.
Initial public offering 51,85,200 equity shares of Rs. 10/- each ("Equity Shares") of Emerald Tyre Manufacturers Limited ("Emerald" or the "Company") for cash at a price of Rs. 95/- per equity share (the "Offer Price"), aggregating to Rs. 49.26 crores ("The Offer"), comprising a fresh offer of 49,86,000 equity shares aggregating to Rs. 47.37 crores by the company ("Fresh Offer") and an offer for sale of 1,20,000 equity shares by Karthikeyan Swarnam and 79,200 equity shares by S Vijayalakshmi ("The Selling Shareholder") aggregating to Rs. 1.89 crores ("Offer for Sale"). Out of the offer, 3,00,000 equity shares aggregating to Rs. 2.85 crores was reserved for subscription by market maker ("Market Maker Reservation Portion"). The offer less the market maker reservation portion i.e. offer of 48,85,200 equity shares of face value of Rs. 10.00/- each at an offer price of Rs. 95 /- per equity share aggregating to Rs. 46.41 crores is hereinafter referred to as the "Net Offer". The offer and the net offer will constitute 26.62% and 25.08%, respectively of the post offer paid up equity share capital of the company.